Pakistan raises petrol price by Rs0.45, diesel by Rs1.16; daily pricing begins

Pakistan's government has raised the prices of petrol and high-speed diesel (HSD), effective August 14. Petrol will now cost Rs325.43 per liter, and HSD will be Rs383.95 per liter. These prices include substantial taxes of Rs114 per liter on petrol and Rs100 per liter on diesel.

The government announced that fuel prices will be adjusted daily, a shift from the previous weekly revisions. This change is attributed to fluctuations in international market prices, particularly following renewed hostilities between Iran and the US. The government has also implemented measures to conserve fuel amid potential oil supply disruptions.

Previously, HSD reached a peak of Rs520.35 on April 3, while petrol peaked at Rs458.41 on April 3. The decision for daily pricing was reportedly made by the cabinet and prime minister, granting the Oil and Gas Regulatory Authority (Ogra) the authority to set prices based on global trends.

However, the All Pakistan Dealers Association has rejected the daily pricing mechanism and is considering a protest. Changes in petrol and diesel prices significantly impact the public, as these fuels are essential for private transport, heavy transport, power generation, and large generators.

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fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.